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Adani Group emerges winner as highest bidder; bags Mumbai’s Dharavi redevelopment project worth Rs.5,069 cr

With an Rs.5,069 cr bid, Adani Group has emerged as the highest bidder for the 259-hectare Dharavi Redevelopment Project

PGurus Newsdesk

November 30, 2022

With an Rs.5,069 cr bid, Adani Group has emerged as the highest bidder for the 259-hectare Dharavi Redevelopment Project

Dharavi redevelopment project: Govt looks to transform the slum into an integrated commercial cum residential township

Gautam Adani-led Adani Group has emerged as the highest bidder for the 259-hectare, Rs.20,000-crore Dharavi redevelopment project.

According to media reports, the winner of the bid will have seven years to complete the work and rehabilitate more than 56,000 families from one of the largest slum clusters in Mumbai.

The project, which will help the winning bidder to book high revenues by selling lakhs of square feet of residential and commercial space in central Mumbai, has been in limbo for many years now because of its complexities.

The winning bidder is required to form a special purpose vehicle (SPV) for executing the project, and a staggered timeline of investments has also been stipulated by the government. The developer has to take care of rehabilitation, renewal, amenities, and infrastructure components.

Adani group has quoted Rs.5,069 crore for the project for the redevelopment of one of the largest slum sprawls in the world, outbidding DLF, which had quoted Rs.2,025 crore, chief executive officer of the project S V R Srinivas said.

“We will now be sending the details to the government, which will consider and give final approval,” he said, adding that the Eknath Shinde government will approve it in a couple of weeks.

Three bids were received for the redevelopment of Dharavi, one of Asia’s largest slum clusters, at a cost of over Rs.20,000 crore. However, “only Adani and DLF were qualified in the final bidding since the other bidder, Naman Group didn’t qualify,” Srinivas said.

The government looks to transform the slum into an integrated commercial cum residential township. In September this year, the Maharashtra cabinet approved fresh global bids for the Dharavi redevelopment project and offered additional benefits. The Slum Rehabilitation Authority (SRA) in Maharashtra on November 15 said that it received three bids for the rehabilitation and construction work.

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